Chase Investment Counsel Corp Takes $2.34 Million Position in Incyte Co. (NASDAQ:INCY)

Chase Investment Counsel Corp purchased a new stake in Incyte Co. (NASDAQ:INCY) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 38,630 shares of the biopharmaceutical company’s stock, valued at approximately $2,341,000.

Several other hedge funds also recently added to or reduced their stakes in INCY. Deseret Mutual Benefit Administrators raised its holdings in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 164 shares during the period. Moody National Bank Trust Division increased its stake in Incyte by 1.3% during the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock worth $861,000 after buying an additional 179 shares during the period. Ballentine Partners LLC lifted its holdings in Incyte by 4.0% in the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after buying an additional 182 shares in the last quarter. 180 Wealth Advisors LLC grew its stake in shares of Incyte by 4.5% during the first quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock valued at $271,000 after acquiring an additional 204 shares in the last quarter. Finally, Empirical Finance LLC increased its position in shares of Incyte by 3.7% during the first quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock worth $364,000 after acquiring an additional 230 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INCY has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Citigroup increased their price objective on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. BMO Capital Markets reissued an “underperform” rating and issued a $48.00 price objective (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Finally, Guggenheim boosted their price target on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $73.24.

Insider Activity

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the sale, the executive vice president now owns 58,042 shares in the company, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,047 shares of company stock worth $2,225,626. Corporate insiders own 17.50% of the company’s stock.

Incyte Stock Up 1.1 %

INCY stock opened at $65.83 on Monday. The firm’s 50-day moving average is $64.31 and its two-hundred day moving average is $59.97. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $14.78 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $70.36.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business posted $0.77 earnings per share. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts forecast that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.